Africa Needs Bankable Energy Projects, Says Ojulari

 NNPCL CEO, Bayo Ojulari called for a focus on bankable energy projects across Africa to address the continent’s 600 million people without electricity, speaking at the African Energy Forum in Lagos. 

Ojulari, a former Shell executive, emphasized scalable initiatives like solar microgrids and hydropower, estimating a $25 billion annual investment gap to meet the International Energy Agency’s 2030 target of universal access. He cited Nigeria’s 40% electrification rate and South Africa’s coal dependency as urgent cases, advocating public-private partnerships to attract funding amid global climate commitments.

Ojulari’s proposal aligns with the African Development Bank’s $12 billion energy plan, but critics highlight risks of debt accumulation, with 20 African nations already in distress. Supporters argue that bankable projects, those with clear returns, could leverage $50 billion in private capital, reducing reliance on volatile oil revenues. 

The narrative of energy transformation is compelling, yet its success depends on overcoming corruption, policy inconsistency, and the challenge of balancing green goals with immediate needs, a dilemma central to Africa’s development trajectory.